Thursday, June 3, 2010

Crude Oil Inventories Drop 1.9 Million Barrels

Not unexpectedly because of the Memorial Day weekend in the U.S., crude oil inventories dropped by 1.9 million barrels last week.

Gasoline inventories followed in oil's footsteps, falling by 2.65 million, while distillate inventories increased by 445,000.

Now the real test of summer prices come as related to gasoline and oil demand, with consumers deciding how much they're going to travel and spend over the summer.

It seems to be 50/50 at this time as to whether that will increase or decrease this time around.

1 comment:

  1. Yes, oil inventories drop and Crude oil dropped as on concern the government debt crisis in Europe will widen, slowing a global recovery in fuel demand.